EMC Insurance Group Inc. Reports 2017 Third Quarter and Nine Month Results
|
|
- Leslie Franklin
- 6 years ago
- Views:
Transcription
1 NEWS RELEASE EMC Insurance Group Inc. Reports 2017 Third Quarter and Nine Month Results 11/8/2017 Third Quarter Ended September 30, 2017 Net Income Per Share $0.03 Non-GAAP Operating Income Per Share* $0.05 Net Realized Investment Losses Per Share $0.02 Catastrophe and Storm Losses Per Share $0.90 GAAP Combined Ratio percent Nine Months Ended September 30, 2017 Net Income Per Share $0.61 Non-GAAP Operating Income Per Share* $0.55 Net Realized Investment Gains Per Share $0.06 Catastrophe and Storm Losses Per Share $1.77 GAAP Combined Ratio percent Lowering 2017 non-gaap operating income guidance* to $1.15 to $1.35 per share *Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-gaap). See Definition of Non-GAAP Information and Reconciliation to Comparable GAAP Measures for additional information. DES MOINES, Iowa, Nov. 08, 2017 (GLOBE NEWSWIRE) -- EMC Insurance Group Inc. (NASDAQ:EMCI) (the Company ), today reported net income of $746,000 ($0.03 per share) and a loss and settlement expense ratio of 77.1 percent for the third quarter ended September 30, 2017, compared to net income of $4.1 million ($0.20 per share) and a 1
2 loss and settlement expense ratio of 71.1 percent for the third quarter of This decline is primarily attributed to a record $19.5 million of catastrophe and storm losses incurred by the reinsurance segment during the third quarter, which is $17.2 million higher than the third quarter of 2016 primarily due to losses from Hurricanes Harvey, Irma and Maria. The decline in the reinsurance segment s results was partially offset by improvement in the property and casualty insurance segment due to a $4.9 million reduction in catastrophe and storm losses and improvement in the underlying loss and settlement expense ratio* (which excludes the impact of catastrophe and storm losses and development on prior years reserves) compared to the third quarter of The property and casualty insurance segment s underlying loss and settlement expense ratio has become more consistent during The underlying loss and settlement expense ratio of 61.9 percent for the nine months ended September 30, 2017, is the result of steadily improving results during 2017, from 65.3 percent for the first quarter, to 62.1 percent for the second quarter, to 58.5 percent for the third quarter. The decline in the third quarter primarily reflects reductions in the current accident year ultimate loss and settlement expense ratio projections in the personal auto liability, workers compensation and commercial property lines of business. For the nine months ended September 30, 2017, the Company reported net income of $13.1 million ($0.61 per share) and a loss and settlement expense ratio of 71.9 percent, compared to net income of $24.9 million ($1.19 per share) and a loss and settlement expense ratio of 67.1 percent for the same period in This decline is also primarily attributed to the catastrophe and storm losses incurred by the reinsurance segment during the third quarter, as well as a reduction in the amount of favorable development experienced on prior years reserves in the reinsurance segment. Losses in the reinsurance segment during the quarter were manageable, especially given the considerable hurricane losses incurred by the industry, stated President and Chief Executive Officer Bruce G. Kelley. Having filled the annual aggregate retention under the intercompany reinsurance treaty will help the reinsurance segment mitigate catastrophe and storm losses that might occur during the fourth quarter. Catastrophe and storm losses in the third quarter declined in the property and casualty insurance segment, which experienced minimal impact from Hurricanes Harvey and Irma due to our disciplined underwriting approach along coastal regions and limited loss exposures in Florida, continued Kelley. In addition, the underlying loss and settlement expense ratio of this segment improved during the quarter despite the softening market. Non-GAAP operating income, which excludes realized investment gains/losses from net income, totaled $1.1 million ($0.05 per share) for the third quarter of 2017, compared to $4.9 million ($0.23 per share) for the third quarter of For the nine months ended September 30, 2017, the Company reported non-gaap operating income of $11.6 million ($0.55 per share), compared to $25.3 million ($1.21 per share) for the same period in
3 The Company s GAAP combined ratio was percent in the third quarter of 2017, compared to percent in the third quarter of For the first nine months of 2017, the Company s GAAP combined ratio was percent, compared to 99.8 percent in Premiums earned increased 2.0 percent and 1.8 percent for the third quarter and first nine months of 2017, respectively. In the property and casualty insurance segment, premiums earned increased 3.5 percent for both the third quarter and first nine months of 2017, respectively. The majority of these increases are attributed to growth in insured exposures and an increase in retained policies in the commercial lines of business. In the reinsurance segment, premiums earned decreased 3.0 percent and 3.5 percent for the third quarter and first nine months of 2017, respectively. These decreases, which occurred in the pro rata line of business and stem from the Mutual Reinsurance Bureau underwriting association s withdrawal from non-standard automobile business, were partially offset by increases in the excess of loss line of business. Catastrophe and storm losses totaled $29.4 million ($0.90 per share after tax) in the third quarter of 2017, compared to $17.1 million ($0.53 per share after tax) in the third quarter of For the first nine months of 2017, catastrophe and storm losses totaled $57.9 million ($1.77 per share after tax), compared to $45.5 million ($1.41 per share after tax) for the same period in On a segment basis, catastrophe and storm losses amounted to $9.9 million ($0.30 per share after tax) and $29.9 million ($0.91 per share after tax) in the property and casualty insurance segment, and $19.5 million ($0.60 per share after tax) and $28.0 million ($0.86 per share after tax) in the reinsurance segment, for the three and nine months ended September 30, 2017, respectively. In the third quarter of 2017, the reinsurance segment retained approximately $15.8 million of catastrophe and storm losses to fill the $20 million retention amount under the reinsurance subsidiary s intercompany annual aggregate catastrophe excess of loss treaty with Employers Mutual, which has a limit of $100 million, and 20 percent co-participation above the retention. The reinsurance segment retained an additional $2.2 million of catastrophe and storm losses representing their 20 percent co-participation on $11.2 million of losses above the retention amount, and recovered $9.0 million from Employers Mutual. Having filled the annual aggregate retention, the reinsurance segment will be a 20 percent co-participant on any fourth quarter catastrophic events that are greater than $500,000, up to the $100 million limit of coverage. No recoveries were made under this program during Taking the loss recoveries received and the premiums paid to Employers Mutual into consideration, the intercompany reinsurance program reduced the catastrophe and storm loss ratios by 20.4 and 5.4 percentage points for the three and nine months ended September 30, 2017, respectively. In addition, the reinsurance segment accrued approximately $1.3 million of reinstatement premiums stemming from the hurricane losses sustained during the quarter. No recoveries were made under the property and casualty insurance segment s July 1 through December 31 3
4 intercompany excess of loss reinsurance treaty with Employers Mutual. Approximately $5.1 million of retention remains under the 2017 treaty, meaning catastrophe and storm losses will be capped at $5.1 million in the fourth quarter, unless the $12.0 million limit of protection is exceeded. The property and casualty insurance segment was further into the $15.0 million retention amount at September 30, 2016; therefore, fourth quarter of 2016 catastrophe and storm losses in the property and casualty insurance segment were capped at $512,000. The property and casualty insurance subsidiaries ceded $3.0 million and $19.0 million of catastrophe and storm losses to Employers Mutual under the 2017 inter-company reinsurance program during the three and nine months ended September 30, 2017, compared to $3.5 million and $5.1 million during the same periods in In both years, the ceded amounts are applicable to the treaties that covered the first half of each year. Taking the loss recoveries received and the premiums paid to Employers Mutual into consideration, the intercompany reinsurance program with Employers Mutual reduced the catastrophe and storm loss ratios by 2.1 and 2.4 percentage points for the three months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017 and 2016, the catastrophe and storm loss ratios were reduced by 4.1 and 0.1 percentage points, respectively. The Company reported $4.4 million ($0.13 per share after tax) of favorable development on prior years reserves during the third quarter of 2017, compared to $7.6 million ($0.24 per share after tax) in the third quarter of For the first nine months of 2017, favorable development totaled $17.6 million ($0.54 per share after tax), compared to $23.5 million ($0.73 per share after tax) in Included in the favorable development amount reported for the first nine months of 2017 is $4.5 million of adverse development in the property and casualty insurance segment stemming from the settlement of claims for past and future legal fees and losses on a multiyear asbestos exposure associated with a former insured. Excluded from the favorable development amounts reported for 2016 is $5.6 million of mechanical favorable development stemming from the change in the property and casualty insurance segment s reserving methodology that had no impact on earnings. Net investment income totaled $11.5 million for the third quarter ended September 30, 2017, which is consistent with the third quarter of Net investment income decreased 6.1 percent to $33.7 million for the first nine months of 2017, from $35.9 million for the same period in This decrease primarily reflects a lower book yield in the fixed maturity portfolio as well as a decline in dividend income. Net realized investment losses totaled $594,000 ($0.02 per share after tax) for the third quarter of 2017, compared to $1.2 million ($0.03 per share after tax) in the third quarter of Net realized investment gains totaled $2.2 million ($0.06 per share after tax) for the first nine months of 2017, compared to net realized investment losses of $643,000 ($0.02 per share after tax) for the same period in Included in net realized investment gains/losses reported for the third quarter and first nine months of 2017 are $1.0 million and $4.6 million, respectively, of net realized investment losses attributed to a decline in the carrying value of a limited partnership that helps protect 4
5 the Company from a sudden and significant decline in the value of its equity portfolio (the equity tail-risk hedging strategy). Included in net realized investment losses reported for the third quarter and first nine months of 2016 are $1.9 million and $5.3 million, respectively, attributed to declines in the carrying value of this limited partnership. At September 30, 2017, consolidated assets totaled $1.7 billion, including $1.5 billion in the investment portfolio, and stockholders equity totaled $575.1 million, an increase of 3.9 percent from December 31, Book value of the Company s common stock increased 3.2 percent to $26.90 per share from $26.07 per share at December 31, Book value excluding accumulated other comprehensive income was relatively flat at $23.89 per share at September 30, 2017, compared to $23.90 per share at December 31, Based on results for the first nine months of 2017 and projections for the remainder of the year, management is lowering its 2017 non-gaap operating income guidance to a range of $1.15 to $1.35 per share from the previous range of $1.35 to $1.55 per share. The revised guidance is based on a projected GAAP combined ratio of percent for the year and investment income that is flat to down slightly. The projected GAAP combined ratio has a load of 9.9 points for catastrophe and storm losses. The Company will hold an earnings conference call at noon Eastern time on Wednesday, November 8, 2017 to allow securities analysts, stockholders and other interested parties the opportunity to hear management discuss the Company s results for the third quarter, as well as its expectations for the remainder of Dial-in information for the call is toll-free (International: ). Members of the news media, investors and the general public are invited to access a live webcast of the earnings conference call via the Company s investor relations page at investors.emcins.com. The webcast will be archived and available for replay for approximately 90 days following the earnings conference call. A transcript will be available on the Company s website shortly after the completion of the earnings conference call. About EMCI EMC Insurance Group Inc. is a publicly held insurance holding company with operations in property and casualty insurance and reinsurance, which was formed in 1974 and became publicly held in The Company s common stock trades on the Global Select Market tier of the NASDAQ Stock Market under the symbol EMCI. Additional information regarding the Company may be found at investors.emcins.com. EMCI s parent company is Employers Mutual Casualty Company (EMCC). EMCI and EMCC, together with their subsidiary and affiliated companies, conduct operations under the trade name EMC Insurance Companies. Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements regarding forward-looking statements. Accordingly, any forward-looking statement contained in this report is based 5
6 on management s current beliefs, assumptions and expectations of the Company s future performance, taking all information currently available into account. These beliefs, assumptions and expectations can change as the result of many possible events or factors, not all of which are known to management. If a change occurs, the Company s business, financial condition, liquidity, results of operations, plans and objectives may vary materially from those expressed in the forward-looking statements. The risks and uncertainties that may affect the actual results of the Company include, but are not limited to, the following: catastrophic events and the occurrence of significant severe weather conditions; the adequacy of loss and settlement expense reserves; state and federal legislation and regulations; changes in the property and casualty insurance industry, interest rates or the performance of financial markets and the general economy; rating agency actions; other-than-temporary investment impairment losses; and other risks and uncertainties inherent to the Company s business, including those discussed under the heading Risk Factors in the Company s Annual Report on Form 10-K. Management intends to identify forward-looking statements when using the words believe, expect, anticipate, estimate, project, may, intend, likely or similar expressions. Undue reliance should not be placed on these forward-looking statements. The Company disclaims any obligation to update such statements or to announce publicly the results of any revisions that it may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. Definition of Non-GAAP Information and Reconciliation to Comparable GAAP Measures The Company prepares its public financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). Management uses certain non-gaap financial measures for evaluating the Company s performance. These measures are considered non-gaap financial measures under applicable Securities and Exchange Commission (SEC) rules because they are not displayed as separate line items in the consolidated financial statements or are not required to be disclosed in the notes to financial statements or, in some cases, include or exclude certain items not ordinarily included or excluded in the most comparable GAAP financial measure. The Company s calculation of non-gaap financial measures may differ from similar measures used by other companies, so investors should exercise caution when comparing the Company s non-gaap financial measures to the measures used by other companies. The following discussion includes reconciliations of the most directly comparable GAAP financial measures to the non-gaap financial measures referenced in this report. 6
7 Non-GAAP operating income: One of the primary non-gaap financial measures utilized by management for evaluating the Company s performance is operating income. Non-GAAP operating income is calculated by excluding net realized investment gains/losses (defined as realized investment gains and losses after applicable federal and state income taxes) from net income. While realized investment gains/losses are integral to the Company s insurance operations over the long term, the decision to realize investment gains or losses in any particular period is subject to changing market conditions and management s discretion, and is independent of the Company s insurance operations. Management s operating income guidance is also considered a non-gaap financial measure. Net realized investment gains/losses resulting from the sale of assets are not predictable due to changing market conditions and the discretionary nature of such events. As a result, management is unable to accurately project the Company s annual net income and therefore utilizes non-gaap operating income in the Company s projected annual guidance. Management believes non-gaap operating income is useful to investors because it illustrates the performance of the Company s normal, ongoing insurance operations, which is important in understanding and evaluating the Company s financial condition and results of operations. While this measure is consistent with measures utilized by investors and analysts to evaluate performance, it is not intended as a substitute for the GAAP financial measure of net income. RECONCILIATION OF NET INCOME TO NON-GAAP OPERATING INCOME ($ in thousands) Three months ended September 30, Nine months ended September 30, Net income $ 746 $ 4,129 $ 13,054 $ 24,911 Realized investment gains (losses) (594 ) (1,192 ) 2,166 (643 ) Income tax expense (benefit) (208 ) (417 ) 758 (225 ) Net realized investment gains (losses) (386 ) (775 ) 1,408 (418 ) Non-GAAP operating income $ 1,132 $ 4,904 $ 11,646 $ 25,329 RECONCILIATION OF NET INCOME PER SHARE TO NON-GAAP OPERATING INCOME PER SHARE Three months ended September 30, Nine months ended September 30, Net income $ 0.03 $ 0.20 $ 0.61 $ 1.19 Realized investment gains (losses) (0.03 ) (0.05 ) 0.10 (0.03 ) Income tax expense (benefit) (0.01 ) (0.02 ) 0.04 (0.01 ) Net realized investment gains (losses) (0.02 ) (0.03 ) 0.06 (0.02 ) Non-GAAP operating income $ 0.05 $ 0.23 $ 0.55 $ 1.21 Property and casualty insurance segment s underlying loss and settlement expense ratio: The loss and settlement 7
8 expense ratio is the ratio (expressed as a percentage) of losses and settlement expenses incurred to premiums earned, which management uses as a measure of underwriting profitability of the Company s property and casualty insurance business. The underlying loss and settlement expense ratio is a non-gaap financial measure which represents the loss and settlement expense ratio, excluding the impact of catastrophe and storm losses and development on prior years reserves. Management uses this ratio as an indicator of the property and casualty insurance segment s underwriting discipline and performance for the current accident year. Management believes this ratio is useful for investors to understand the property and casualty insurance segment s periodic earnings and variability of earnings caused by the unpredictable nature (i.e., the timing and amount) of catastrophe and storm losses and development on prior years reserves. While this measure is consistent with measures utilized by investors and analysts to evaluate performance, it is not intended as a substitute for the GAAP financial measure of loss and settlement expense ratio. RECONCILIATION OF THE PROPERTY AND CASUALTY INSURANCE SEGMENT'S LOSS AND SETTLEMENT EXPENSE RATIO TO THE UNDERLYING LOSS AND SETTLEMENT EXPENSE RATIO Three months ended September 30, Nine months ended September 30, Loss and settlement expense ratio 61.5 % 70.2 % 66.0 % 66.5 % Catastrophe and storm losses (8.2 )% (12.7 )% (8.5 )% (10.3 )% Favorable development on prior years' reserves** 5.2 % 5.9 % 4.4 % 4.9 % Underlying loss and settlement expense ratio 58.5 % 63.4 % 61.9 % 61.1 % **During the third quarter of 2016, management implemented a new reserving methodology for the determination of direct bulk reserves in the property and casualty insurance segment. The new methodology, which is referred to as the accident year ultimate estimate approach, better conforms to industry practices and provides increased transparency of the drivers of the property and casualty insurance segment s performance. In connection with this change in reserving methodology, there was a reallocation of incurred but not reported (IBNR) loss reserves and allocated settlement expense reserves from prior accident years to the current accident year in multiple lines of business. This change resulted in the movement of approximately $5.6 million of reserves from prior accident years to the current accident year that was reported as favorable development; however, this development is mechanical in nature, and did not have an impact on earnings because the total amount of carried reserves did not change. This mechanical favorable development has been excluded from the amounts presented for Industry Metric Premiums written: Premiums written is an industry metric used in statutory accounting to quantify the amount of insurance sold during a specified reporting period. Management analyzes trends in premiums written to assess 8
9 business efforts, and uses it as a financial measure for goal setting and determining a portion of employee and senior management awards and compensation. Premiums earned, used in both statutory and GAAP accounting, is the recognition of the portion of premiums written directly related to the expired portion of an insurance policy for a given reporting period. The unexpired portion of premiums written is referred to as unearned premiums, and represents the portion of premiums written that would be returned to a policyholder upon cancellation of a policy. CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED ($ in thousands, except share and per share amounts) Property and Casualty Parent Quarter ended September 30, 2017 Insurance Reinsurance Company Consolidated Revenues: Premiums earned $ 120,472 $ 34,718 $ - $ 155,190 Investment income, net 8,252 3, ,501 Other income (loss) 179 (358 ) - (179 ) 128,903 37, ,512 Losses and expenses: Losses and settlement expenses 74,039 45, ,576 Dividends to policyholders Amortization of deferred policy acquisition costs 19,491 6,939-26,430 Other underwriting expenses 19, ,521 Interest expense Other expenses ,939 52, ,358 Operating income (loss) before income taxes 15,964 (15,291 ) (519 ) 154 Realized investment losses (108 ) (486 ) - (594 ) Income (loss) before income taxes 15,856 (15,777 ) (519 ) (440 ) Income tax expense (benefit): Current 3,428 (5,473 ) (152 ) (2,197 ) Deferred 1,466 (425 ) (30 ) 1,011 4,894 (5,898 ) (182 ) (1,186 ) Net income (loss) $ 10,962 $ (9,879 ) $ (337 ) $ 746 Average shares outstanding 21,356,588 Per Share Data: Net income (loss) per share - basic and diluted $ 0.52 $ (0.46 ) $ (0.03 ) $ 0.03 Catastrophe and storm losses (after tax) $ 0.30 $ 0.60 $ - $ 0.90 Favorable (unfavorable) development on prior years' reserves (after tax) $ 0.19 $ (0.06 ) $ - $ 0.13 Dividends per share $ 0.21 Other Information of Interest: Premiums written $ 144,011 $ 36,523 $ - $ 180,534 Catastrophe and storm losses $ 9,922 $ 19,499 $ - $ 29,421 (Favorable) unfavorable development on prior years' reserves $ (6,242 ) $ 1,822 $ - $ (4,420 ) GAAP Ratios: Loss and settlement expense ratio 61.5 % % % Acquisition expense ratio 32.0 % 21.1 % % Combined ratio 93.5 % % % 9
10 CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED ($ in thousands, except share and per share amounts) Property and Casualty Parent Quarter ended September 30, 2016 Insurance Reinsurance Company Consolidated Revenues: Premiums earned $ 116,372 $ 35,809 $ - $ 152,181 Investment income, net 8,185 3, ,474 Other income (loss) 172 (257 ) - (85 ) 124,729 38, ,570 Losses and expenses: Losses and settlement expenses 81,643 26, ,173 Dividends to policyholders 3, ,944 Amortization of deferred policy acquisition costs 19,206 7,639-26,845 Other underwriting expenses 16, ,606 Interest expense Other expenses ,757 35, ,331 Operating income (loss) before income taxes 2,972 3,752 (485 ) 6,239 Realized investment losses (799 ) (393 ) - (1,192 ) Income (loss) before income taxes 2,173 3,359 (485 ) 5,047 Income tax expense (benefit): Current 569 1,024 (145 ) 1,448 Deferred (264 ) (108 ) (158 ) (530 ) (303 ) 918 Net income (loss) $ 1,868 $ 2,443 $ (182 ) $ 4,129 Average shares outstanding 21,060,665 Per Share Data: Net income (loss) per share - basic and diluted $ 0.09 $ 0.12 $ (0.01 ) $ 0.20 Catastrophe and storm losses (after tax) $ 0.46 $ 0.07 $ - $ 0.53 Favorable development on prior years' reserves1 (after tax) $ 0.22 $ 0.02 $ - $ 0.24 Dividends per share $ 0.19 Other Information of Interest: Premiums written $ 138,904 $ 37,339 $ - $ 176,243 Catastrophe and storm losses $ 14,787 $ 2,266 $ - $ 17,053 Favorable development on prior years' reserves1 $ (6,850 ) $ (796 ) $ - $ (7,646 ) GAAP Ratios: Loss and settlement expense ratio 70.2 % 74.1 % % Acquisition expense ratio 34.2 % 23.9 % % Combined ratio % 98.0 % % 1 During the third quarter of 2016, management implemented a new reserving methodology for the determination of direct bulk reserves in the property and casualty insurance segment. The new methodology, which is referred to as the accident year ultimate estimate approach, better conforms to industry practices and provides increased transparency of the drivers of the property and casualty insurance segment's performance. In connection with this change in reserving methodology, there was a reallocation of IBNR loss reserves and allocated settlement expense reserves from prior accident years to the current accident year in multiple lines of business. This change resulted in the movement of approximately $5.6 million of reserves from prior accident years to the current accident year that was reported as favorable development; however, this development is "mechanical in nature", and did not have an impact on earnings because the total amount of carried reserves did not change. This "mechanical" favorable development has been excluded from the amounts presented for
11 CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED ($ in thousands, except share and per share amounts) Property and Casualty Parent Nine months ended September 30, 2017 Insurance Reinsurance Company Consolidated Revenues: Premiums earned $ 350,307 $ 99,207 $ - $ 449,514 Investment income, net 24,225 9, ,679 Other income (loss) 623 (1,457 ) - (834 ) Losses and expenses: 375, , ,359 Losses and settlement expenses 231,067 92, ,089 Dividends to policyholders 5, ,184 Amortization of deferred policy acquisition costs 59,186 21,588-80,774 Other underwriting expenses 56,294 1,438-57,732 Interest expense Other expenses 580-1,684 2, , ,048 1, ,296 Operating income (loss) before income taxes 22,591 (7,877 ) (1,651 ) 13,063 Realized investment gains (losses) 3,033 (867 ) - 2,166 Income (loss) before income taxes 25,624 (8,744 ) (1,651 ) 15,229 Income tax expense (benefit): Current 5,565 (3,044 ) (603 ) 1,918 Deferred 1,208 (976 ) ,773 (4,020 ) (578 ) 2,175 Net income (loss) $ 18,851 $ (4,724 ) $ (1,073 ) $ 13,054 Average shares outstanding 21,295,882 Per Share Data: Net income (loss) per share - basic and diluted $ 0.89 $ (0.22 ) $ (0.06 ) $ 0.61 Catastrophe and storm losses (after tax) $ 0.91 $ 0.86 $ - $ 1.77 Favorable development on prior years' reserves (after tax) $ 0.48 $ 0.06 $ - $ 0.54 Dividends per share $ 0.63 Book value per share $ Effective tax rate 14.3 % Annualized net income as a percent of beg. SH equity 3.2 % Other Information of Interest: Premiums written $ 385,209 $ 95,345 $ - $ 480,554 Catastrophe and storm losses $ 29,922 $ 27,996 $ - $ 57,918 Favorable development on prior years' reserves $ (15,555 ) $ (2,062 ) $ - $ (17,617 ) GAAP Ratios: Loss and settlement expense ratio 66.0 % 92.8 % % Acquisition expense ratio 34.4 % 23.2 % % Combined ratio % % % 11
12 CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED ($ in thousands, except share and per share amounts) Property and Casualty Parent Nine months ended September 30, 2016 Insurance Reinsurance Company Consolidated Revenues: Premiums earned $ 338,589 $ 102,775 $ - $ 441,364 Investment income, net 25,524 10, ,883 Other income (loss) 466 (485 ) - (19 ) 364, , ,228 Losses and expenses: Losses and settlement expenses 225,207 70, ,102 Dividends to policyholders 11, ,292 Amortization of deferred policy acquisition costs 58,129 22,611-80,740 Other underwriting expenses 49,839 2,295-52,134 Interest expense Other expenses 558-1,495 2, ,278 95,801 1, ,574 Operating income (loss) before income taxes 19,301 16,839 (1,486 ) 34,654 Realized investment losses (627 ) (16 ) - (643 ) Income (loss) before income taxes 18,674 16,823 (1,486 ) 34,011 Income tax expense (benefit): Current 6,425 5,601 (586 ) 11,440 Deferred (1,778 ) (494 ) (68 ) (2,340 ) 4,647 5,107 (654 ) 9,100 Net Income (loss) $ 14,027 $ 11,716 $ (832 ) $ 24,911 Average shares outstanding 20,964,236 Per Share Data: Net income (loss) per share - basic and diluted $ 0.67 $ 0.56 $ (0.04 ) $ 1.19 Catastrophe and storm losses (after tax) $ 1.08 $ 0.33 $ - $ 1.41 Favorable development on prior years' reserves1 (after tax) $ 0.52 $ 0.21 $ - $ 0.73 Dividends per share $ 0.57 Book value per share $ Effective tax rate 26.8 % Annualized net income as a percent of beg. SH equity 6.3 % Other Information of Interest: Premiums written $ 370,704 $ 98,754 $ - $ 469,458 Catastrophe and storm losses $ 34,787 $ 10,747 $ - $ 45,534 Favorable development on prior years' reserves1 $ (16,637 ) $ (6,880 ) $ - $ (23,517 ) GAAP Ratios: Loss and settlement expense ratio 66.5 % 69.0 % % Acquisition expense ratio 35.2 % 24.2 % % Combined ratio % 93.2 % % 1 During the third quarter of 2016, management implemented a new reserving methodology for the determination of direct bulk reserves in the property and casualty insurance segment. The new methodology, which is referred to as the accident year ultimate estimate approach, better conforms to industry practices and provides increased transparency of the drivers of the property and casualty insurance segment's performance. In connection with this change in reserving methodology, there was a reallocation of IBNR loss reserves and allocated settlement expense reserves from prior accident years to the current accident year in multiple lines of business. This change resulted in the movement of approximately $5.6 million of reserves from prior accident years to the current accident year that was reported as favorable development; however, this development is "mechanical in nature", and did not have an impact on earnings because the total amount of carried reserves did not change. This "mechanical" favorable development has been excluded from the amounts presented for
13 CONSOLIDATED BALANCE SHEETS September 30, December 31, ($ in thousands, except share and per share amounts) (Unaudited) ASSETS Investments: Fixed maturity securities available-for-sale, at fair value (amortized cost $1,233,772 and $1,189,525) $ 1,258,340 $ 1,199,699 Equity securities available-for-sale, at fair value (cost $150,428 and $147,479) 231, ,839 Other long-term investments 14,471 12,506 Short-term investments 25,255 39,670 Total investments 1,529,785 1,465,714 Cash Reinsurance receivables due from affiliate 26,079 21,326 Prepaid reinsurance premiums due from affiliate 15,759 9,309 Deferred policy acquisition costs (affiliated $43,836 and $40,660) 44,110 40,939 Amounts due from affiliate to settle inter-company transaction balances 4,210 - Prepaid pension and postretirement benefits due from affiliate 11,407 12,314 Accrued investment income 11,963 11,050 Amounts receivable under reverse repurchase agreements 16,500 20,000 Accounts receivable 813 2,076 Income taxes recoverable 3,850 - Goodwill Other assets (affiliated $4,818 and $4,632) 5,018 4,836 Total assets $ 1,670,838 $ 1,588,813 LIABILITIES Losses and settlement expenses (affiliated $720,901 and $685,533) $ 726,461 $ 690,532 Unearned premiums (affiliated $281,055 and $243,682) 282, ,885 Other policyholders' funds (all affiliated) 9,847 13,068 Surplus notes payable to affiliate 25,000 25,000 Amounts due affiliate to settle inter-company transaction balances - 11,222 Pension benefits payable to affiliate 3,807 4,097 Income taxes payable - 2,359 Deferred income taxes 21,403 11,321 Other liabilities (affiliated $24,155 and $27,871) 26,815 32,987 Total liabilities 1,095,776 1,035,471 STOCKHOLDERS' EQUITY Common stock, $1 par value, authorized 30,000,000 shares; issued and outstanding, 21,379,763 shares in 2017 and 21,222,535 shares in ,380 21,223 Additional paid-in capital 122, ,054 Accumulated other comprehensive income 64,326 46,081 Retained earnings 366, ,984 Total stockholders' equity 575, ,342 Total liabilities and stockholders' equity $ 1,670,838 $ 1,588,813 13
14 LOSS AND SETTLEMENT EXPENSE BY LINE OF BUSINESS Premiums earned Three months ended September 30, Losses Loss and and settlement settlement expense Premiums expenses ratio earned Losses and settlement expenses Loss and settlement expense ratio ($ in thousands) Property and casualty insurance Commercial lines: Automobile $ 30,229 $ 24, % $ 28,113 $ 26, % Property 27,980 15, % 27,471 17, % Workers' compensation 25,373 11, % 24,536 13, % Other liability 24,996 15, % 24,277 14, % Other 2, % 2, % Total commercial lines 110,781 67, % 106,499 71, % Personal lines 9,691 6, % 9,873 9, % Total property and casualty insurance $ 120,472 $ 74, % $ 116,372 $ 81, % Reinsurance Pro rata reinsurance $ 10,730 $ 10, % $ 15,066 $ 10, % Excess of loss reinsurance 23,988 35, % 20,743 16, % Total reinsurance $ 34,718 $ 45, % $ 35,809 $ 26, % Consolidated $ 155,190 $ 119, % $ 152,181 $ 108, % Premiums earned Nine months ended September 30, Loss and settlement expense Premiums ratio earned Losses and settlement expenses Losses and settlement expenses Loss and settlement expense ratio ($ in thousands) Property and casualty insurance Commercial lines: Automobile $ 87,275 $ 74, % $ 82,449 $ 69, % Property 79,551 51, % 77,292 52, % Workers' compensation 75,419 41, % 71,272 39, % Other liability 73,378 40, % 72,086 38, % Other 6, % 6, % Total commercial lines 322, , % 309, , % Personal lines 28,175 21, % 29,244 24, % Total property and casualty insurance $ 350,307 $ 231, % $ 338,589 $ 225, % Reinsurance Pro rata reinsurance $ 33,181 $ 23, % $ 44,175 $ 26, % Excess of loss reinsurance 66,026 68, % 58,600 44, % Total reinsurance $ 99,207 $ 92, % $ 102,775 $ 70, % Consolidated $ 449,514 $ 323, % $ 441,364 $ 296, % 14
15 PREMIUMS WRITTEN Three months ended Three months ended September 30, 2017 September 30, 2016 Percent of Percent of Change in Premiums premiums Premiums premiums premiums ($ in thousands) written written written written written Property and casualty insurance Commercial lines: Automobile $ 32, % $ 29, % 10.2 % Property 33, % 34, % (0.3 )% Workers' compensation 36, % 35, % 1.8 % Other liability 28, % 27, % 4.3 % Other 2, % 2, % 8.6 % Total commercial lines 133, % 128, % 3.8 % Personal lines 10, % 10, % 1.8 % Total property and casualty insurance $ 144, % $ 138, % 3.7 % Reinsurance Pro rata reinsurance $ 10, % $ 15, % (29.9 )% Excess of loss reinsurance 25, % 22, % 16.7 % Total reinsurance $ 36, % $ 37, % (2.2 )% Consolidated $ 180, % $ 176, % 2.4 % Nine months ended Nine months ended September 30, 2017 September 30, 2016 Percent of Percent of Change in Premiums premiums Premiums premiums premiums ($ in thousands) written written written written written Property and casualty insurance Commercial lines: Automobile $ 97, % $ 89, % 8.7 % Property 87, % 85, % 2.7 % Workers' compensation 83, % 80, % 2.6 % Other liability 80, % 78, % 2.2 % Other 7, % 6, % 5.3 % Total commercial lines 356, % 341, % 4.2 % Personal lines 29, % 28, % 0.6 % Total property and casualty insurance $ 385, % $ 370, % 3.9 % Reinsurance Pro rata reinsurance $ 30, % $ 42, % (28.5 )% Excess of loss reinsurance 65, % 56, % 15.1 % Total reinsurance $ 95, % $ 98, % (3.5 )% Consolidated $ 480, % $ 469, % 2.4 % Contacts Investors: 15
16 Steve Walsh, Media: Lisa Hamilton, Source: EMC Insurance Group Inc. 16
NEWS RELEASE EMC Insurance Group Inc. Reports 2018 Third Quarter and Nine Month Results
NEWS RELEASE EMC Insurance Group Inc. Reports 2018 Third Quarter and Nine Month Results Third Quarter Ended September 30, 2018 Net Income Per Share $0.89 Non-GAAP Operating Income Per Share* $0.48 Net
More informationEMC Insurance Group Inc. Reports 2018 Fourth Quarter and Year-End Results and Announces 2019 Non-GAAP Operating Income* Guidance
NEWS RELEASE EMC Insurance Group Inc. Reports 2018 Fourth Quarter and Year-End Results and Announces 2019 Non-GAAP Operating Income* Guidance 2/7/2019 Fourth Quarter Ended December 31, 2018 Net Loss Per
More informationF I R S T Q U A R T E R
Q U A R T E R L Y R E P O R T 2010 TRONG F I R S T Q U A R T E R EMC INSURANCE GROUP INC. REPORTS 2010 FIRST QUARTER RESULTS First Quarter 2010 Operating Income Per Share $0.73 Net Income Per Share $0.75
More informationTeleconference: Dial-in information for the call is toll-free (International: ).
NEWS RELEASE EMC Insurance Group Inc. Announces First Quarter Estimates, Revises 2018 Non-GAAP Operating Income Guidance* and Announces First Quarter Earnings Call and Access Information 4/16/2018 *Denotes
More informationSTRENGTH. STABILITY. SERVICE.
STRENGTH. STABILITY. SERVICE. 2011 Second quarter Report EMC Insurance Group Inc. Reports 2011 Second Quarter results Second Quarter Ended June 30, 2011 Operating Loss Per Share $1.05 Net Loss Per Share
More informationEMC INSURANCE GROUP INC. REPORTS 2009 THIRD QUARTER RESULTS
EMC INSURANCE GROUP INC. REPORTS 2009 THIRD QUARTER RESULTS Third Quarter 2009 Operating Income Per Share $0.24 Net Income Per Share $0.38 Catastrophe and Storm Losses Per Share $0.79 Large Losses Per
More informationEMC Insurance Group Inc. Announces Second Quarter Estimates and Revises 2018 Non-GAAP Operating Income Guidance*
NEWS RELEASE EMC Insurance Group Inc. Announces Second Quarter Estimates and Revises 2018 Non-GAAP Operating Income Guidance* 7/26/2018 *Denotes nancial measure not calculated in accordance with generally
More informationEMC INSURANCE GROUP INC. REPORTS 2007 FIRST QUARTER RESULTS
EMC INSURANCE GROUP INC. REPORTS 2007 FIRST QUARTER RESULTS First Quarter 2007 Net Income Per Share -- $1.07 Net Operating Income Per Share -- $1.01 GAAP Combined Ratio 91.2% FOR IMMEDIATE RELEASE Contact:
More informationEMC INSURANCE GROUP INC. REPORTS RECORD 2006 THIRD QUARTER RESULTS
EMC INSURANCE GROUP INC. REPORTS RECORD 2006 THIRD QUARTER RESULTS FOR IMMEDIATE RELEASE Contact: Anita Novak (Investors) 515-345-2515 Lisa Hamilton (Media) 515-345-7589 717 Mulberry Street Des Moines,
More informationEMC INSURANCE GROUP INC. REPORTS 2006 FIRST QUARTER RESULTS
EMC INSURANCE GROUP INC. REPORTS 2006 FIRST QUARTER RESULTS First Quarter 2006 Net Income Per Share 1.41 Net Operating Income Per Share 1.32 GAAP Combined Ratio 84.1% FOR IMMEDIATE RELEASE Contact: Anita
More informationEMC INSURANCE GROUP INC. REPORTS 2012 SECOND QUARTER AND SIX MONTHS RESULTS
EMC INSURANCE GROUP INC. REPORTS 2012 SECOND QUARTER AND SIX MONTHS RESULTS Second Quarter Ended June 3012012 Operating Loss Per Share - 0.14 Net Loss Per Share - 0.20 Net Realized Investment Losses Per
More information2017 Intellisight Conference. August 22, 2017
2017 Intellisight Conference August 22, 2017 1 EMC Insurance Group Inc. Representatives Mark Reese, CPA Senior Vice President and Chief Financial Officer Steve Walsh, CPA Director of Investor Relations
More information2018 CFA Society New York Insurance Conference. March 20, 2018
2018 CFA Society New York Insurance Conference March 20, 2018 1 EMC Insurance Group Inc. Representatives Today s Presenters Bruce Kelley J.D., CPCU, CLU President, Chief Executive Officer and Treasurer
More information2018 Investor Meetings. May June
2018 Investor Meetings May June 1 Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides issuers the opportunity to make cautionary statements
More informationHeritage Insurance Holdings, Inc. Reports Financial Results for Fourth Quarter and Full Year 2017
Heritage Insurance Holdings, Inc. Reports Financial Results for Fourth Quarter and Full Year 2017 CLEARWATER, Fla., March 7, 2018 /PRNewswire/ -- Heritage Insurance Holdings, Inc. (NYSE:HRTG) ( Heritage
More informationNYSSA Insurance Conference
NYSSA Insurance Conference Bruce Kelley President and Chief Executive Officer Mark Reese Senior Vice President and Chief Financial Officer March 22, 2016 1 Cautionary Note Regarding Forward-Looking Statements
More informationNational General Holdings Corp. Reports Fourth Quarter 2017 Results
National General Holdings Corp. Reports Fourth Quarter 2017 Results February 26, 2018 NEW YORK, Feb. 26, 2018 (GLOBE NEWSWIRE) -- National General Holdings Corp. (Nasdaq:NGHC) today reported a fourth quarter
More informationA n n u A l R e p o R t
2012 Annual Report EMPLOYERS MUTUAL CASUALTY COMPANY Affiliated with EMC National Life Company EMC PROPERTY & CASUALTY COMPANY EMC RISK SERVICES, LLC EMC INSURANCE GROUP INC. HAMILTON MUTUAL INSURANCE
More informationMARKEL REPORTS 2017 FINANCIAL RESULTS
For more information contact: Bruce Kay Markel Corporation 804-747-0136 bkay@markelcorp.com FOR IMMEDIATE RELEASE MARKEL REPORTS 2017 FINANCIAL RESULTS Richmond, VA, February 6, 2018 --- Markel Corporation
More information$ % from 2015
Contact: Susan Spivak Bernstein Senior Vice President, Investor Relations 212.607.8835 Argo Group Reports 2016 Net Income of $146.7 Million or $4.75 per Diluted Share with Book Value per Share Up 10% for
More information$ % From 2Q 2016
Contact: Susan Spivak Bernstein Senior Vice President, Investor Relations 212.607.8835 Argo Group Reports 2017 Second Quarter Net Income of $46.0 Million or $1.48 per Diluted Share HAMILTON, Bermuda (Aug.
More informationFINANCIAL SUPPLEMENT FIRST QUARTER Exhibit 99.2
FINANCIAL SUPPLEMENT FIRST QUARTER 2018 Exhibit 99.2 Forward-Looking Statements Certain statements in this report, including information incorporated by reference, are forward-looking statements as that
More informationExhibit In the third quarter of 2017:
Exhibit 99.1 Selective Reports Strong Results for the Third Quarter of 2017 - Net Income per Diluted Share of $0.79; Operating Income 1 per Diluted Share of $0.72; Dividend Increase of 13% to $0.18 per
More informationThe Hartford Reports Third Quarter 2017 Net Income Per Diluted Share Of $0.64 And Core Earnings Per Diluted Share* Of $0.60
N E W S R E L E A S E The Hartford Reports Third Quarter 2017 Net Income Per Diluted Share Of $0.64 And Core Earnings Per Diluted Share* Of $0.60 Net income of $234 million and core earnings* of $222 million
More informationGREENLIGHT RE ANNOUNCES THIRD QUARTER 2018 FINANCIAL RESULTS
GREENLIGHT RE ANNOUNCES THIRD QUARTER 2018 FINANCIAL RESULTS Company to Hold Conference Call at 9:00 a.m. ET on Tuesday, November 6, 2018 GRAND CAYMAN, Cayman Islands - November 5, 2018 - Greenlight Capital
More informationHeritage Insurance Holdings, Inc. Reports Financial Results for Fourth Quarter and Full Year 2016; Enters 2017 in Strong Capital Position
Heritage Insurance Holdings, Inc. Reports Financial Results for Fourth Quarter and Full Year 2016; Enters 2017 in Strong Capital Position Clearwater, FL: Heritage Insurance Holdings, Inc. (NYSE:HRTG) (
More informationHeritage Reports Fourth Quarter and Full-Year 2018 Results
Heritage Reports Fourth Quarter and Full-Year 2018 Results Clearwater, FL March 1, 2019: Heritage Insurance Holdings, Inc. (NYSE: HRTG) ( Heritage or the Company ), a property and casualty insurance holding
More informationFINANCIAL SUPPLEMENT SECOND QUARTER Exhibit 99.2
FINANCIAL SUPPLEMENT SECOND QUARTER 2018 Exhibit 99.2 Forward-Looking Statements Certain statements in this report, including information incorporated by reference, are forward-looking statements as that
More informationAllstate Executing Profitable Growth Plan Income benefited from lower accident frequency and catastrophe losses
FOR IMMEDIATE RELEASE Contacts: Greg Burns John Griek Media Relations Investor Relations (847) 402-5600 (847) 402-2800 Allstate Executing Profitable Growth Plan Income benefited from lower accident frequency
More informationTranscript of EMC Insurance Group
Transcript of Participants Bruce Kelley President and Chief Executive Officer Larry Hamling Vice President, Financial Reporting Presentation Operator Good afternoon and welcome to s 2014 Third Quarter
More informationAmbac Announces First Quarter 2014 Results
May 12, 2014 Ambac Announces First Quarter 2014 Results Favorable Loss Reserve Development and Execution of Commutation Strategy Drive Results NEW YORK, May 12, 2014 (GLOBE NEWSWIRE) -- Ambac Financial
More informationKBW Insurance Conference
KBW Insurance Conference Bruce Kelley Chief Executive Officer and President Mark E. Reese Senior Vice President and Chief Financial Officer September 6, 2012 Legal Disclaimer The Private Securities Litigation
More informationMETLIFE ANNOUNCES FIRST QUARTER 2008 RESULTS
Public Relations MetLife, Inc. One MetLife Plaza 27-01 Queens Plaza North Long Island City, NY 11101 Contacts: For Media: For Investors: John Calagna Conor Murphy (212) 578-6252 (212) 578-7788 METLIFE
More informationN E W S R E L E A S E
N E W S R E L E A S E THE HARTFORD REPORTS SECOND QUARTER 2011 RESULTS AND ANNOUNCES $500 MILLION SHARE REPURCHASE AUTHORIZATION Board of Directors authorizes a $500 million repurchase program Second quarter
More informationAmTrust to Report Prior Period Development of $327 Million and Utilize the Full Benefit of the Adverse Loss Development Cover
November 6, AmTrust to Report Prior Period Development of $327 Million and Utilize the Full Benefit of the Adverse Loss Development Cover Prior Accident Years Continue to Demonstrate Profitability Adverse
More informationFull Year Net Income of $2.5 Billion and Return on Equity and Operating Return on Equity of 9.8% and 11.0%, Respectively
NYSE: TRV Travelers Reports Fourth Quarter Net Income of $304 Million or $0.78 per Diluted Share After Catastrophe Losses of $689 Million After-tax, Including Storm Sandy, or $1.78 Per Diluted Share Full
More informationChubb Limited Bärengasse 32 CH-8001 Zurich Switzerland
Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland www.chubb.com @Chubb News Release Chubb Reports Second Quarter Net Income Per Share of $2.77 Versus $1.54 Prior Year and Operating Income Per Share
More informationFirst quarter 2015 net income per diluted share of $1.08 rose 5% from first quarter 2014
NEWS RELEASE The Hartford Reports First Quarter 2015 Core Earnings* Of $452 Million, $1.04 Per Diluted Share, And Net Income Of $467 Million, $1.08 Per Diluted Share First quarter 2015 core earnings per
More informationAllstate Reports Broad-Based Growth and Strong Profitability
FOR IMMEDIATE RELEASE Contacts: Maryellen Thielen Pat Macellaro Media Relations Investor Relations (847) 402-5600 (847) 402-2800 Allstate Reports Broad-Based Growth and Strong Profitability NORTHBROOK,
More informationChubb Limited Bärengasse 32 CH-8001 Zurich Switzerland
Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland www.chubb.com @Chubb News Release Chubb Reports Third Quarter Net Income Per Share and Core Operating Income Per Share of $2.64 and $2.41, Respectively,
More informationAmerican International Group, Inc.
Financial Supplement Third Quarter 2012 This report should be read in conjunction with AIG s Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission.
More informationSecond Quarter Return on Equity of 9.2% and Core Return on Equity of 8.7% Second quarter net income of $524 million and core income of $494 million.
154.126.80.126 Travelers Reports Second Quarter Net Income and Core Income per Diluted Share of $1.92 and $1.81, Respectively, Which Includes Catastrophe Losses of $1.40 per Diluted Share Second Quarter
More informationZenith National Insurance Corp. and Subsidiaries Consolidated Financial Statements and Supplementary Consolidating Information December 31, 2015 and
Zenith National Insurance Corp. and Subsidiaries Consolidated Financial Statements and Supplementary Consolidating Information December 31, 2015 and 2014 and for the Three Years Ended December 31, 2015
More informationAllstate Reports Lower First Quarter Income Due to Catastrophe Losses
FOR IMMEDIATE RELEASE Contacts: Greg Burns Pat Macellaro Media Relations Investor Relations (847) 402-5600 (847) 402-2800 Allstate Reports Lower First Quarter Income Due to Catastrophe Losses Underlying
More informationHeritage Insurance Holdings, Inc. Reports Financial Results for Third Quarter of 2018
Heritage Insurance Holdings, Inc. Reports Financial Results for Third Quarter of 2018 Clearwater, FL: Heritage Insurance Holdings, Inc. (NYSE:HRTG) ( Heritage or the Company ), a property and casualty
More informationSelective Reports First Quarter 2017 Net Income per Diluted Share of $0.85 and Operating Income 1 per Diluted Share of $0.86
Selective Reports First Quarter 2017 Net Income per Diluted Share of $0.85 and Operating Income 1 per Diluted Share of $0.86 Strong Underwriting Results with Statutory Combined Ratio of 89.7% In the first
More informationINVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006
INVESTOR FINANCIAL SUPPLEMENT SEPTEMBER 30, 2006 As of October 24, 2006 Address: A.M. Best Fitch Standard & Poor s Moody s 690 Asylum Avenue Insurance Financial Strength Ratings: Hartford, CT 06105 Hartford
More informationNews from The Chubb Corporation
News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports First Quarter Net Income
More informationInvestor Contact: Edelita Tichepco Media Contact: Amber Rensen Levi Strauss & Co. Levi Strauss & Co. (415) (415)
Exhibit 99.1 FOR IMMEDIATE RELEASE Investor Contact: Edelita Tichepco Media Contact: Amber Rensen Levi Strauss & Co. Levi Strauss & Co. (415) 501-1953 (415) 501-7777 Investor-relations@levi.com newsmediarequests@levi.com
More informationPaylocity Announces Fourth Quarter and Fiscal Year 2018 Financial Results
Paylocity Announces Fourth Quarter and Fiscal Year 2018 Financial Results August 9, 2018 Q4 2018 Total Revenue of $96.6 million, up 27% year-over-year FY 2018 Total Revenue of $377.5 million, up 26% year-over-year
More informationBurlington Stores, Inc. Announces Operating Results for the Third Quarter and Year-To- Date Period Ended November 2, 2013
FOR IMMEDIATE RELEASE Burlington Stores, Inc. Announces Operating Results for the Third Quarter and Year-To- Date Period Ended November 2, For the third quarter and year-to-date periods: o Comparable store
More informationFirst quarter 2018 net loss available to shareholders of $67 million as strong segment results were more than offset by net derivative losses
FOR IMMEDIATE RELEASE Brighthouse Financial Announces First Quarter 2018 Results First quarter 2018 net loss available to shareholders of $67 million as strong segment results were more than offset by
More informationRaising Fourth Quarter Diluted EPS Guidance to $0.37 to $0.38 and Full-Year 2011 Diluted EPS Guidance to $1.50 to $1.51
CCA Announces 2011 Third Quarter Financial Results November 2, 2011 4:16 PM ET Raising Fourth Quarter Diluted EPS Guidance to $0.37 to $0.38 and Full-Year 2011 Diluted EPS Guidance to $1.50 to $1.51 NASHVILLE,
More informationThe Hartford Reports Fourth Quarter 2015 Core Earnings Of $1.07 Per Diluted Share And Net Income Of $1.01 Per Diluted Share
NEWS RELEASE The Hartford Reports Fourth Quarter 2015 Core Earnings Of $1.07 Per Diluted Share And Net Income Of $1.01 Per Diluted Share Fourth quarter 2015 core earnings* increased 4% from fourth quarter
More information(203) (441) XL Group Ltd Announces Fourth Quarter and Full Year 2017 Results
Press Release Contact: Abbe Goldstein Carol Parker Trott Investor Relations Media Relations (203) 964-3573 (441) 294-7290 XL Group Ltd Announces Fourth Quarter and Full Year 2017 Results Demonstrates underlying
More informationPaylocity Announces First Quarter Fiscal Year 2018 Financial Results
November 2, 2017 Paylocity Announces First Quarter Fiscal Year 2018 Financial Results Q1 2018 Total Revenue of $81.5 million, up 25% year-over-year Q1 2018 Recurring Revenue of $78.9 million, up 26% year-over-year
More information$ % from 2017
Contact: Susan Spivak Bernstein Senior Vice President, Investor Relations 212.607.8835 susan.spivak@argolimited.com Argo Group Reports Fourth Quarter and Full Year Results HAMILTON, Bermuda (February 11,
More informationINVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2006
INVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2006 As of July 25, 2006 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06115 Hartford Fire
More informationFINANCIAL RESULTS SUMMARY
N E W S R E L E A S E The Hartford Reports First Quarter 2018 Income From Continuing Operations, After Tax, Of $428 Million ($1.18 Per Diluted Share) And Core Earnings Of $461 Million ($1.27 Per Diluted
More informationAmerican International Group, Inc.
Revisions to 2011 2010 Quarterly Financial Supplements to reflect the effects of a change in accounting for deferred acquisition costs This report supplements the Quarterly Financial Supplements for the
More informationPartnerRe Ltd. Reports Second Quarter and Half Year 2016 Results
Reports Second Quarter and Half Year 2016 Results Second Quarter Net Income of $136.7 million ($158.4 million adjusted for severance related costs), resulting in an Annualized Net Income ROE of 8.9% (Adjusted
More informationChubb Limited (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest
More informationAUDITED FINANCIAL STATEMENTS. RenaissanceRe Specialty Risks Ltd. and Subsidiary. December 31, 2015 and 2014
AUDITED FINANCIAL STATEMENTS RenaissanceRe Specialty Risks Ltd. and Subsidiary December 31, 2015 and 2014 Ernst & Young Ltd. 3 Bermudiana Road Hamilton HM08, Bermuda P.O. Box HM 463 Hamilton, HM BX, Bermuda
More informationEndurance Reports Fourth Quarter 2016 Financial Results
- 1 - Endurance Reports Fourth Quarter 2016 Financial Results PEMBROKE, Bermuda February 24, 2017 Endurance Specialty Holdings Ltd. (NYSE:ENH) today reported net income available to common shareholders
More informationTHE PROGRESSIVE CORPORATION. Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to Shareholders
THE PROGRESSIVE CORPORATION Notice of Annual Meeting of Shareholders and 2018 Proxy Statement including the 2017 Annual Report to Shareholders THE PROGRESSIVE CORPORATION 2017 ANNUAL REPORT TO SHAREHOLDERS
More information(415) (415) LEVI STRAUSS & CO. ANNOUNCES FOURTH QUARTER & FISCAL YEAR 2017 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE Investor Contact: Edelita Tichepco Media Contact: Avery Vaught Levi Strauss & Co. Levi Strauss & Co. (415) 501-1953 (415) 501-2214 Investor-relations@levi.com newsmediarequests@levi.com
More informationInvestor Contact: Edelita Tichepco Media Contact: Amber McCasland (415) (415)
FOR IMMEDIATE RELEASE Investor Contact: Edelita Tichepco Media Contact: Amber McCasland Levi Strauss & Co. Levi Strauss & Co. (415) 501-1953 (415) 501-6803 Investor-relations@levi.com newsmediarequests@levi.com
More informationYears ended December 31, 2017 and 2016 with Report of Independent Auditors
Audited Financial Statements Years ended December 31, 2017 and 2016 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2017 and 2016 Contents Report of Independent
More informationFirst Quarter Financial Supplement. March 31, 2018
First Quarter Financial Supplement March 31, 2018 Table of Contents Page Investor Letter... 3 Use of Non-GAAP Measures... 4 Results of Operations and Selected Operating Performance Measures... 5 Financial
More informationAIG REPORTS THIRD QUARTER 2017 RESULTS
Press Release AIG 175 Water Street New York, NY 10038 www.aig.com Contacts: Liz Werner (Investors): 212-770-7074; elizabeth.werner@aig.com Fernando Melon (Investors): 212-770-4630; fernando.melon@aig.com
More informationThe Hartford Reports First Quarter 2017 Net Income And Core Earnings Per Diluted Share* Of $1.00
N E W S R E L E A S E The Hartford Reports First Quarter 2017 Net Income And Core Earnings Per Diluted Share* Of $1.00 Net income of $378 million increased 17% from first quarter 2016 primarily due to
More informationThird Quarter Financial Supplement. September 30, 2017
Third Quarter Financial Supplement September 30, 2017 Table of Contents Page Investor Letter... 3 Use of Non-GAAP Measures... 4 Results of Operations and Selected Operating Performance Measures... 5 Financial
More informationAllied World Assurance Company, Ltd. Consolidated Financial Statements and Independent Auditors Report
Allied World Assurance Company, Ltd Consolidated Financial Statements and Independent Auditors Report December 31, 2008 and 2007 CONSOLIDATED BALANCE SHEETS as of December 31, 2008 and 2007 (Expressed
More informationECCLESIA ASSURANCE COMPANY. Financial Statements. December 31, 2010 and (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154 Independent Auditors Report The Board of Directors Ecclesia Assurance Company: We have audited
More informationThe Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2016
Financial Supplement - Fourth Quarter 2016 Page Number Consolidated Results Financial Highlights 1 Reconciliation to Net Income and Earnings Per Share 2 Statement of Income 3 Net Income by Major Component
More informationINVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2009
INVESTOR FINANCIAL SUPPLEMENT JUNE 30, 2009 As of July 22, 2009 Address: A.M. Best Fitch Standard & Poor s Moody s One Hartford Plaza Insurance Financial Strength Ratings: Hartford, CT 06155 Hartford Fire
More informationTranscript of EMC Insurance Group Inc Third Quarter Earnings Conference Call November 7, 2018
Transcript of Participants Bruce Kelley President and Chief Executive Officer Scott Jean Executive Vice President of Finance and Strategy Mick Lovell - Executive Vice President of Operations Mark Reese
More informationHUNTINGTON BANCSHARES INCORPORATED REPORTS 2018 FIRST QUARTER EARNINGS
FOR IMMEDIATE RELEASE April 24, 2018 Analysts: Mark Muth (mark.muth@huntington.com), 614.480.4720 Media: Matt Samson (matt.b.samson@huntington.com), 312.263.0203 HUNTINGTON BANCSHARES INCORPORATED REPORTS
More informationNational Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2017 Financial Results
National Vision Holdings, Inc. Reports Fourth Quarter and Fiscal 2017 Financial Results Duluth, Ga. -- Mar. 8, 2018 -- National Vision Holdings, Inc. (NASDAQ: EYE) ( National Vision or the Company ) today
More informationALLEGHANY CORPORATION 7 Times Square Tower, 17 th Floor New York, NY 10036
ALLEGHANY CORPORATION 7 Times Square Tower, 17 th Floor New York, NY 10036 ALLEGHANY CORPORATION REPORTS 2015 FOURTH QUARTER AND FULL YEAR RESULTS NEW YORK, NY, February 23, 2016 Alleghany Corporation
More informationSecond quarter 2018 net loss available to shareholders of $239 million, driven primarily by net derivative mark-to-market losses
FOR IMMEDIATE RELEASE Brighthouse Financial Announces Second Quarter Results Second quarter net loss available to shareholders of $239 million, driven primarily by net derivative mark-to-market losses
More informationFirst Hawaiian, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results and Increases Dividend by 8.3%
For Immediate Release First Hawaiian, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results and Increases Dividend by 8.3% HONOLULU, Hawaii January 24, 2019--(Globe Newswire)--First Hawaiian,
More informationLEVI STRAUSS & CO. REPORTS FOURTH CONSECUTIVE QUARTER OF DOUBLE-DIGIT REVENUE GROWTH
FOR IMMEDIATE RELEASE Investor Contact: Aida Orphan Media Contact: Amber McCasland Levi Strauss & Co. Levi Strauss & Co. (415) 501-6194 (415) 501-7777 Investor-relations@levi.com newsmediarequests@levi.com
More informationKINGSTONE COMPANIES, INC.
SECURITIES & EXCHANGE COMMISSION EDGAR FILING KINGSTONE COMPANIES, INC. Form: 10-Q Date Filed: 2014-11-13 Corporate Issuer CIK: 33992 Symbol: KINS SIC Code: 6411 Fiscal Year End: 12/31 Copyright 2014,
More informationHARTFORD FINANCIAL SERVICES GROUP INC/DE ( HIG ) 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 8/1/2012 Filed Period 6/30/2012
HARTFORD FINANCIAL SERVICES GROUP INC/DE ( HIG ) 10 Q Quarterly report pursuant to sections 13 or 15(d) Filed on 8/1/2012 Filed Period 6/30/2012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington,
More informationAmerican Railcar Industries, Inc. Reports Second Quarter 2018 Results
American Railcar Industries, Inc. Reports Second Quarter 2018 Results August 1, 2018 Second Quarter 2018 Highlights Quarterly revenue of $146.5 million Quarterly net earnings of $9.2 million, or $0.48
More informationAdditional Financial Information for Q3 2018
Additional Financial Information for Q3 2018 Definitions and Non-GAAP Measures Direct written premiums represents the total premiums charged on policies issued by the Company during the respective fiscal
More informationEnergy Insurance Mutual Limited. Audited Financial Statements. Years ended December 31, 2017 and 2016 with Report of Independent Auditors
Audited Financial Statements Years ended December 31, 2017 and 2016 with Report of Independent Auditors Audited Financial Statements Years ended December 31, 2017 and 2016 Contents Report of Independent
More informationLENDINGTREE REPORTS RECORD FOURTH QUARTER RESULTS; INCREASES 2015 OUTLOOK
Exhibit 99.1 LENDINGTREE REPORTS RECORD FOURTH QUARTER RESULTS; INCREASES 2015 OUTLOOK Record Revenue of $43.9 million; up 21% over fourth quarter 2013 Record Variable Marketing Margin of $17.5 million;
More informationThe Hanover Insurance Group, Inc.
The Hanover Insurance Group, Inc. Third Quarter 2017 Results November 2, 2017 To be read in conjunction with the press release dated November 1, 2017 and conference call scheduled for November 2, 2017
More informationAmerican International Group, Inc.
Quarterly Financial Supplement Third Quarter 2011 This report should be read in conjunction with AIG's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed with the Securities and
More informationAbiomed Announces Q3 FY 2018 Record Revenue of $154 Million, Up 34% Over Prior Year
February 1, 2018 Abiomed Announces Q3 FY 2018 Record Revenue of $154 Million, Up 34% Over Prior Year U.S. Patient Utilization Grew 33%, Year Over Year DANVERS, Mass., Feb. 01, 2018 (GLOBE NEWSWIRE) --
More informationRichard Myers Edelman MMC REPORTS FIRST QUARTER 2008 RESULTS
1166 Avenue of the Americas New York, New York 10036-2774 212 345 5000 Fax 212 345 4838 www.mmc.com News Release Media Contacts: Vince Beatty MMC 212 345 0675 vincent.beatty@mmc.com Richard Myers Edelman
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE CONTACT: MEDIA: ANALYSTS: Brandon Davis, 312-822-5885 James Anderson, 312-822-7757 CNA FINANCIAL ANNOUNCES FOURTH QUARTER 2018 RESULTS Q4 NET LOSS OF $84M, $(0.31) PER SHARE; Q4 CORE
More informationThe Navigators Group, Inc. CORPORATE NEWS Navigators Reports First Quarter 2018 Earnings
The Navigators Group, Inc. CORPORATE NEWS Navigators Reports First Quarter 2018 Earnings Net Income up 46.3% and Record Quarterly Operating Earnings Stamford, CT -- The Navigators Group, Inc. (NASDAQ:NAVG)
More informationSecond Quarter Financial Supplement. June 30, 2017
Second Quarter Financial Supplement June 30, 2017 Table of Contents Page Investor Letter... 3 Use of Non-GAAP Measures... 4 Results of Operations and Selected Operating Performance Measures... 5 Financial
More informationInvestor Contact: Aida Orphan Media Contact: Amber McCasland (415) (415)
FOR IMMEDIATE RELEASE Investor Contact: Aida Orphan Media Contact: Amber McCasland Levi Strauss & Co. Levi Strauss & Co. (415) 501-6194 (415) 501-7777 Investor-relations@levi.com newsmediarequests@levi.com
More informationW. R. Berkley Corporation Reports Second Quarter Results
W. R. Berkley Corporation Reports Second Quarter Results Released : 07/23/2008 GREENWICH, Conn.--(BUSINESS WIRE)-- W. R. Berkley Corporation (NYSE: WRB) today reported operating income for the second quarter
More informationLiberty Mutual Holding Company Inc. Second Quarter Consolidated Financial Statements
Second Quarter 2017 Consolidated Financial Statements Consolidated Statements of Income 2017 2016 2017 2016 Revenues Premiums earned $ 9,313 $ 8,618 $ 18,208 $ 17,082 Net investment income 733 597 1,499
More informationOHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio. FINANCIAL STATEMENTS December 31, 2015 and 2014
OHIO PLAN RISK MANAGEMENT, INC. Columbus, Ohio FINANCIAL STATEMENTS Columbus, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED)... 3
More information